CTO of Career Karma
The number of companies being disrupted by technology is growing exponentially. Companies need to embrace disruption and use it for their own benefit, instead of staying behind and not being able to adapt their business model. Artificial Intelligence (AI) and robotics are the leading factors of automation, and most companies have started to implement them. graph text here.
We’ve experienced tech disruption throughout history. However, this time is different. The speed of technology disruption is faster than ever. According to this report, computers double their capacity every 12 to 18 months. Therefore, tech disruption is coming for almost every industry. Here we show you some of the sectors that are threatened by tech disruption.
With the evolution of AI and robotics, the manufacturing industry has doubled its capacity with automation. It’s no surprise that manufacturing companies prefer to work with automation rather than hiring a large group of employees. Automation reduces costs, risks, and improves workplace safety. According to this article from Deloitte, automation is a game-changer for the manufacturing industry.
Today the most common form of Artificial Intelligence and robotics inside manufacturing companies are cobots. However, experts say that in the future, cobots might become obsolete, and companies will start working with robots instead.
The translation industry is also at risk of automation. With the development of machine learning algorithms, automated translations are now more sophisticated. Therefore, the need for human translators has decreased. Even the CEO of One Hour Translation’s, Ofer Shoshan, recognizes that automation will disrupt the translation industry.
But this is not only because of machine learning. Today there’s a more advanced method called deep learning that could potentially improve the accuracy of translations. According to Shoshan, the role of a translator would be to do minor edits to the automated translation.
Automated cars are taking over, and there’s no way we can stop it. Elon Musk’s invention of automated vehicles could be one of the most revolutionary things that have ever happened to the automobile industry. Although they're in the early stages, it’s very probable that we’ll soon see autonomous cars more often on the road.
This could improve safety and efficiency in the automobile industry. Experts say that autonomous vehicles could reduce car accidents. However, the most affected sector would be the logistics industry. Since cars will be automated, the role of drivers might disappear in the future. This could be beneficial for logistics companies because they’ll save costs and improve efficiency.
Financial Industry
Financial advisors and stockbrokers will probably end up being replaced by automation. In the past, we used to trust financial advisors to show us the right path. However, people have started to use trading websites more often. This means that sooner or later, the role of a financial advisor might not be that helpful.
Websites like Betterment have become more and more popular. The reason for this is that people trust data science and automated calculations more than humans. Although there’s a margin of mistake for computers, it’s very minimal compared to human error.
It is no secret that people usually prefer to watch Netflix or any other streaming platform rather than TV. The reason for this is that traditional television has a predetermined schedule for programs, and people prefer to watch what they want whenever they want without restrictions.
Streaming television provides this kind of service. So it’s just a matter of time before traditional TV disappears. However, we may continue watching our favorite shows and movies on streaming platforms.
Conclusion
Technology is threatening almost every industry. However, it will all depend on what those industries do with technology. If they decide to embrace disruption and dare to change their business model, they’ll be able to stay on the market for a long time.
Some of the most influential tech disruptors are Artificial Intelligence, Internet of Things, machine learning and robotics. However, in the future, we may also see other tech trends like cloud computing or Artificial General Intelligence. The best way to remain active in the future is to be resilient and adaptive to the new trends.
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